At least eight tankers have been attacked in and around the Strait of Hormuz since last Monday, highlighting the fragility of oil exports from the volatile region. The attacks coincide with the Yemeni government's major military campaign against Iran-backed Houthi militia, following Houthi strikes on Saudi oil infrastructure. U.S. forces now provide protection for ships navigating the strategic waterway, which Iran claimed control over after U.S. and Israeli strikes seven months ago. "This is one of the worst crises of my career," said Amin Nasser, chief executive of Saudi Aramco, during a speech in London. Brent crude oil hovered around $102 a barrel, with recent price stability attributed to increased Gulf exports.
The G7 nations agreed to release emergency oil stocks over four months, though analysts warn this may only provide temporary relief. Nasser noted global oil reserves have fallen from 10 billion barrels to six billion barrels since the war began, with replenishment potentially taking two years. Despite weekend attacks on Saudi facilities, Nasser affirmed Aramco's systems remain intact and customer requirements are being met.
Maritime risk expert Dimitris Maniatis suggested Iran's intensified attacks respond to rising commercial ship traffic through the strait.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing